The federal government will issue $1.34 trillion in new debt during 2018, according to a new Treasury Department projection.The debt issuance represents a 146% jump from 2017 and the highest amount of new debt issued since 2010.The report comes weeks after the Treasury said the fiscal year 2018 budget deficit hit $779 billion, the largest since 2012.The primary drivers of new debt issuance are the GOP tax law and the bipartisan budget agreement.The federal government will issue more than $1.3 trillion in debt in 2018, according to a new estimate released by the Treasury Department on Monday, the highest total debt issuance since the depths of the Great Recession:

Total net marketable securities issued in the fourth quarter will be a projected $425 billion, according to the Treasury report.That will bring total debt issued in 2018 to $1.34 trillion, the highest since $1.59 trillion was issued in 2010.2018 debt issuance also jumped 146% from 2017, when just $546 billion was issued.The numbers come after the Treasury announced in early October that the budget deficit for fiscal year 2018 (which ran from October 2017 through September) hit $779 billion, a 17% jump from the previous fiscal year and the highest level since 2012.

The deficit is expected to come in just shy of $1 trillion for fiscal year 2019 and will eclipse the $1 trillion mark in the following four years, according to official Trump administration estimates.

The ballooning debt load is primarily the result of newly passed legislation including the GOP tax reform law and the bipartisan budget deal.

The net interest rate we pay on our debt is at an historical low. It will rise again. What happens if it does? Using only current debt amount - not including what additional debt will be accumulated during the interest rate rise period, and that is certainly another $2-$3 trillion in debt - the costs would be:

But don't worry! President Trump, the self-professed "King of Debt", has stated if that happened, he'd just default on our debt and then renegotiate to stiff our creditors for 50% or so of what we owe them.

In an appearance Wednesday morning (June 22, 2016) on CBS This Morning, the presumptive Republican nominee returned to an idea he floated back in May: that if the U.S. economy “crashed,” he would offer to pay U.S. creditors less than what they are owed. “You go back and say, hey guess what, the economy just crashed. I’m going to give you back half,” he told Norah O’Donnell.

Camilleyun posted a great link from the CBO, which contains access to really interesting budget information. Well - interesting to me, anyway!

It shows that the current blahblahblah coming from Mitch MCConnell and other Right Wingers is tripe. Our deficits are not because of increased social spending. Heck, our Right Wing president reduced projections on social spending and still has gigantically-increased deficits.

As we all should know by now, these America-threatening Right Wing deficits are because of tax cuts for the rich. Look, here is a truth that is backed up by irrefutable evidence:

No tax cut has ever paid for itself. Not Reagan's. Not Bush's. Not Trump's. None of them.

That's not an opinion - the number are there in black and white. They're indisputable.

The fact that we as a country have to argue over something that's not an opinion but an actual, provable fact shows how far the GOP has gone with their misinformation and manipulation of low-IQ voters through their dominance of talk radio and cable TV news.